Share Name Share Symbol Market Type Share ISIN Share Description
De La Rue Plc LSE:DLAR London Ordinary Share GB00B3DGH821 ORD 44 152/175P
  Price Change % Change Share Price Shares Traded Last Trade
  0.60 0.73% 83.00 180,876 16:35:10
Bid Price Offer Price High Price Low Price Open Price
83.90 84.20 85.00 81.60 85.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 375.10 24.20 11.00 7.5 162
Last Trade Time Trade Type Trade Size Trade Price Currency
18:01:51 O 12,437 82.898 GBX

De La Rue (DLAR) Latest News

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De La Rue Investors    De La Rue Takeover Rumours

De La Rue (DLAR) Discussions and Chat

De La Rue (DLAR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2022-06-28 17:02:0282.9012,43710,310.02O
2022-06-28 16:17:4983.106,4055,322.81O
2022-06-28 15:35:1083.00312258.96AT
2022-06-28 15:35:1083.0021,86018,143.80UT
2022-06-28 15:28:5883.90180151.02AT
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De La Rue (DLAR) Top Chat Posts

De La Rue Daily Update: De La Rue Plc is listed in the Support Services sector of the London Stock Exchange with ticker DLAR. The last closing price for De La Rue was 82.40p.
De La Rue Plc has a 4 week average price of 78p and a 12 week average price of 78p.
The 1 year high share price is 203.50p while the 1 year low share price is currently 78p.
There are currently 195,024,121 shares in issue and the average daily traded volume is 348,236 shares. The market capitalisation of De La Rue Plc is £161,870,020.43.
baronet bill: What to think? Given the neutral to positive press comment on the results, am very disappointed [worried] by Friday's relatively large volume and a near 5% decline at the close. Not a mention anywhere [that I've seen] of DLAR being a takeover candidate with its share price at its lowest level in years.
simmsc: Thanks for the summary. As the market is forward looking these things should positively reflect in the share price soon.
masurenguy: DLAR will become an even more attractive target for a US Private Equity predator at the current price.
financialfred: No share dealing by the ceo and chairman for a long time now, wonder if they got plans.. Share price seems to have stalled around 110p. Maybe time to sell dlar shares?
aringadingding: It's a great thing for them to get sorted and reduces risk of future fundraising (which the market and not me seems to have been seeing) Impacts valuation both directly as a saving and through potential impact on PE I'll leave the latter to the market but as for the former, rough numbers: if the 57m was across many yrs in the future, and if the step from 15m to 25m was a straight line over 6yrs, then the total step is 10m and the total saving over 6yrs is 10m x 6yrs /2 = 30m Or per yr is 5m. With 195m shares that is incremental eps of 2.6p. At pe of 15x that wld imply increase in share price of 38p. Clearly a re-rating to represent faith in the turnaround plan and a valuation in accordance would have a major impact on the share price.
gargoyle2: Posting CRS's commentary here -- thanks for highlighting: During the quarter, De La Rue published its unaudited interim results for the six months to 30 September 2021. Adjusted operating profits rose by 166 per cent. to £17 million. Positive operating cash flow was £25.8 million and the outlook for the full year was described as being in line with the board's expectations. Nevertheless, earlier this week, De La Rue released a trading update stating that as a result of headwinds relating to the Covid-19 pandemic, including employee absences at global manufacturing facilities and supply chain shortages, operating profits are now expected to be flat on the previous year at between £36 million and £40 million, as against previous market expectations of between £45 million and £47 million. Prior to the trading update, the Fund had been in dialogue with De La Rue's Chief Executive and Chairman regarding gross margins. The Fund conveyed its view to De La Rue that its pricing has been wrongly focused on capacity utilisation rather than on gross profit and contribution to fixed overhead maximisation. Prior to the trading update, operating margins at De La Rue's Currency division were forecast at 8.4 per cent. Following the trading update, the operating margin is forecast at 6.2 per cent. In 2010, De La Rue achieved operating margins of 23.2 per cent. Currency demand from central banks has been buoyant and the Fund believes that De La Rue could have secured higher gross margins. De La Rue is the global leader in currency with a market share of 30 per cent. Whilst De La Rue's supply chain headwinds are outside of its control, the Fund believes that much of the £36 million per annum of cost savings have effectively been utilised to subsidise customers. Had gross margins on its Currency division's revenues of close to £300 million, been three per cent higher, operating profits would have been £9 million higher. In July 2020, De La Rue completed a £100 million fundraise which was priced at 110p a share. Over the last eighteen months, the business has been transformed, yet following the profit warning in this week's trading update, the share price has returned to 110p. Furthermore, businesses with similar pension profiles are now benefiting from rising interest rates expectations. The Fund believes that in the coming year, at De La Rue, this should result in a material reduction in future pension contributions and accordingly increase free cash flows. Shares in De La Rue now trade on 9.7 times revised earnings per share to March 2022 and on 8 times to March 2023. The Fund believes that following the Covid-19 pandemic, the industry requires consolidation. Given its current rating, the Fund believes it is highly likely that in the coming months, De La Rue will be the subject of a takeover bid from one or more of its overseas competitors. The Fund believes that this will be the inevitable outcome of management prioritising 100 per cent capacity utilisation rather than cash gross margin maximisation.
volvo: De La Rue Why has the share price not performed in 2021 as I hoped it would? The market is concerned about a potential overhang of De La Rue shares. Crystal Amber Fund (CRS) had a continuation vote at its AGM as per its constitution. It needed a 75 per cent vote in favour, which it failed to reach. US hedge fund Saba Capital voted its 26.2 per cent stake against continuation. Crystal Amber’s articles require it to “formulate proposals to reorganise, reconstruct or wind up the fund”. This matters for De La Rue shareholders as Crystal Amber has a 9 per cent stake. The fear is that Crystal Amber will now be a forced seller of its stake as it liquidates its position. This eventuality is something that Saba Capital has anticipated by taking out a short position in De La Rue to benefit from the fall. Crystal Amber responded: “In the coming weeks, the fund intends to provide shareholders with specific proposals. It is currently envisaged that these will centre around the continued realisation of assets and increasing capital returns to shareholders. Based on the Manager’s assessment of the status and timing of anticipated corporate transactions, the fund is targeting additional shareholder returns of at least £40 million or 50p a share before 30 June 2022. This would bring returns of capital since the 2013 amendment to the Articles to more than £100 million. When such disposals are concluded, it is intended that returns to shareholders would be paid as soon as practicable. Further significant realisations and returns of capital are planned for the period after 30 June 2022.” It looks as if there is no hurry for Crystal Amber to sell its stake, but eventually, it will end up in other hands. That might be through dripping it into the market or, better, in big chunks to other institutional buyers or perhaps even a trade buyer. At some stage, Saba Capital must close its short position. I am inclined to stick with De La Rue because if management keeps delivering the recovery plan, value will eventually be realised. On Investec’s numbers, the shares are valued at 8.8 times earnings for the year about to end in March 2022, falling to 6.7x March 2023 and 5.9x March 2024
volvo: ip, my over optimism is actually based on facts based on my own research. Facts that the company are running at 100pc capacity, while prudently managing its finances, what more can any company do? No, the markets had made their minds up that a cashless society is all but here, and DLAR do not fit in with that. Throw in the Crystal Amber situation, hence the share price weakness. .....except the orders keep coming thick and fast. No 2022 will indeed be a transformational year for DLAR imo, and I suggest you or anyone else who's interested, please DYOR, then you can only blame yourself if your chosen share does not live up to your expectations
clanger66: You look at the price movement. Since the crystal amber vote on Monday where even though 50 odd percent voted to keep the fund going, they didn't reach the maximum 75 percent needed hence DLAR share price has come back some 15 percent and part of this was pre half year results. Crystal Amber will probably be wound up, this potential has been hanging around for months now and without a doubt has depressed the price of DLAR. Once the stake has been sold I would expect the share price to jump which is why I stay invested. I didn't see anything in the results announcement to change my mind on this.
gargoyle2: I'm not sure that analysis tells the whole picture though, at least for DLAR shareholders. Saba has been selling DLAR shares short, thus depressing the price. Whilst I accept that Saba may have done that in order to hedge its ultimate DLAR exposure, DLAR shareholders haven't had any benefit (in terms of DLAR price increase) as a result of Saba buying into CA. So I still see it as shorting DLAR.
De La Rue share price data is direct from the London Stock Exchange
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